The final remaining member of the Pistons’ 2004 championship team has been traded.

Tayshaun Prince and Austin Daye have been traded to Memphis in exchange for Jose Calderon as part of a three-team deal. The Grizzlies sent Rudy Gay and Hamed Haddadi to Toronto and the Raptors sent Ed Davis and a second-round pick to Memphis as part of the deal.

“Trading a player like Tayshaun Prince, who has meant so much to our organization and contributed to our championship success, is never easy,” Pistons President of Basketball Operations Joe Dumars said in a statement. “We want to thank Tayshaun for his professionalism and contributions over the last 10 years.

“We also appreciate everything that Austin Daye has done for our team both on and off the court over the past three-plus years. We wish both of them the best moving forward.

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“We are pleased to welcome Jose Calderon, knowing that he fits our mold as a high-character individual who is a great competitor. Jose is a great facilitator at the guard position and a player that we feel gives us tremendous flexibility on the court when added to the core of guards we have on the roster.”

Calderon is averaging 11.1 points, 7.4 assists and 2.4 rebounds this season. More importantly for Detroit his $10.5 million contract expires at the end of the season.

Prince had two years and $15 million left on his deal, while Daye’s deal expired at the end of the year.

Prince, who will turn 33 next month, has spent his entire 11-year career with Detroit up to this point. He was averaging 11.7 points, 4.6 rebounds and 2.5 assists this season, and started all 45 games.

Daye, 24, is averaging 5.1 points and 2.6 rebounds this season. Daye was in the fourth and final year of his rookie contract.

With the trade the Pistons will have more than $30 million in cap space this summer. Calderon ($10.5 million), Corey Maggette ($10.9 million), Jason Maxiell ($5 million) and Will Bynum ($3.25 million) all have expiring contracts and the $6.1 million buyout to Richard Hamilton comes off the books this summer.

It’s unclear how the rotation will shake up after the trade. Wednesday night, Kyle Singler moved over to the starting small forward spot and Rodney Stuckey started at shooting guard. Jonas Jerebko took over the backup small forward spot.

Detroit could start Caledron and Brandon Knight together or keep the Knight-Stuckey combo and have Calderon come off the bench.

Dave Pemberton covers the Pistons for Journal Register Newspapers. Email him at dave.pemberton@oakpress.com and follow him on Twitter @drpemberton.